An Empirical Analysis of Spillover Effect of Open-End Fund Industry

机译：开放式基金行业溢出效应的实证分析

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We use multiple regression models to analyze the impact of the performance of an open-end fund on the capital inflow of the fund itself and other funds in the same fund family. The empirical study starts from the analysis of correlation of capital inflows of all funds under the same fund management company, and is designed to test whether the good performance of a fund will attract new external investment, or in other words, whether the spill over effect exists. We found that the star fund of star fund management company could not attract more capital inflow from investors, compared with other funds, which indicates that there is no spill over effect in open-end fund industry in China. The result is reinforced by our test of robustness. We also proposed that the reasons for the nonexistence of spill over effect might lie in the instability of the performance, relatively high quit rate of fund managers, dilemma of redemption, and policy of temporary suspension of purchase.

机译：我们使用多元回归模型来分析开放式基金的业绩对基金本身和同一基金家族中其他基金的资金流入的影响。实证研究从分析同一家基金管理公司下所有基金的资金流入的相关性开始，旨在检验基金的良好业绩是否会吸引新的外部投资，或者换句话说，是否溢出效应存在。我们发现，与其他基金相比，星级基金管理公司的星级基金无法吸引更多的投资者资金流入，这表明中国开放式基金行业没有溢出效应。我们的健壮性测试进一步证明了这一结果。我们还提出，不存在溢出效应的原因可能在于业绩的不稳定，基金经理的退出率相对较高，赎回的困境以及暂时中止购买的政策。

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《Fourth International Joint Conference on Computational Sciences and Optimization》|2011年|p.427-430|共4页
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作者
Xia Hong Fang; Wang Cong Cong; Li Gao Feng;
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中图分类计算技术、计算机技术;
关键词
Cash flow; Open-end funds; Performance; Spillover effect;

机译：现金流量;开放式基金;绩效;溢出效应;

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An Empirical Analysis of Spillover Effect of Open-End Fund Industry

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